关联交易惹眼、实控人手握超九成股权，振石股份IPO迎考

Core Viewpoint - Zhejiang Zhenshi New Materials Co., Ltd. is set to undergo its IPO review on November 18, 2025, amid fluctuating performance and significant cash dividends totaling approximately 1.14 billion yuan over 2022 and 2023 [1][3][4]. Group 1: Company Overview - Zhenshi Co. is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy sector and is recognized as a national high-tech enterprise [3]. - The company has experienced revenue fluctuations, with reported revenues of approximately 5.267 billion yuan, 5.124 billion yuan, 4.439 billion yuan, and 3.275 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Corresponding net profits for the same periods were approximately 774 million yuan, 790 million yuan, 606 million yuan, and 404 million yuan [3]. Group 2: Shareholding Structure - The actual controllers of Zhenshi Co. are Zhang Yuqiang and Zhang Jiankang, who together control 96.51% of the company's shares through various entities, including Tongxiang Huajia Enterprise Management Co., Ltd. [3][4]. - Tongxiang Huajia holds 56.27% of the shares, making it the controlling shareholder [3]. Group 3: Financial Performance and Dividends - The company distributed cash dividends of approximately 540 million yuan in 2022 and 600 million yuan in 2023, totaling around 1.14 billion yuan [4]. - The IPO aims to raise approximately 3.981 billion yuan, which will be allocated to various projects, including the construction of production bases and a research center [5]. Group 4: Related Party Transactions - China Jushi is the largest supplier to Zhenshi Co., with procurement amounts of approximately 2.112 billion yuan, 1.895 billion yuan, 2.035 billion yuan, and 1.518 billion yuan for the respective years, constituting a significant portion of the company's operating costs [8]. - The company has faced scrutiny regarding its related party transactions, which accounted for 70.49%, 60.42%, 69.22%, and 69.31% of operating costs in the respective periods [9].